If it happened seconds ago... and obviously not the case here... the idea is to get the water out of the 1st stage right away. You can do that by hooking it up to a tank and blowing the water out by purging a reg - the problem is, you will also be forcing water down the HP hose to the gauge, which will then start to corrode over time... so take off the HP hose, put the reg on a tank, crack open the tank and hold purge buttons. This will air dry the inside of the reg.
The problem is if any water is in there for any length of time, you have raw brass inside that will corrode very fast. Then were it corrodes, you have o-rings moving, etc - and the internal parts will get torn up by moving against the corded parts.
If the corrosion is not bad - you do an annual and when the brass sits in the sonic cleaner - that blasts off all the corrosion - then you replace all the rubber parts.
Hope that explains the deal... and the process.